The annual profits are estimated at US $ 1.4 trillion per annum. The proposal was made by President Ranil Wickremesinghe at the 10th World Water Forum, held in Bali, Indonesia, yesterday.

He noted that the levy can be enforced by imposing sanctions, similar to those imposed on the Russian banks and financial institutes, which fail to implement the levy.

The monies raised by these levies are to be made available to be utilised by the blended finance projects on climate change adaptation and mitigation.

The Global Blended Finance initiative is a supplement to the loss and damage funds – not an alternative. Wickremesinghe stressed these two measures must work in tandem.